>He can borrow against it which gets around taxes and that should probably be addressed, but he like the hypothetical fresh billionaire startup founder don’t have that money. And the mega rich on paper can’t access more than a small percentage of that money without reducing their control of the company they built or are building.
Yes, this is a good take. I wish more people understood this. Things like sales taxes could address this. Land value tax, with single homestead exemptions are another.
I understand it perfectly fine and I'm still supportive of taxing and regulating billionaires. I just don't see why it would be an issue. Private credit loans now commonly feature payment-in-kind provisions, I see no reason why the tax office can't do the same thing for situations where it knows the payee would likely have insufficient liquidity.